SINGAPORE, July 1 (Xinhua) -- Singapore's money remittances posed the top risk of being exploited for terrorism financing, with cross-border online payments identified as a potential new channel for such activities, an official report showed Monday.

Singapore should maintain constant vigilance as terrorists may exploit the island country's economic openness for their purposes, according to the Terrorism Financing National Risk Assessment.

The document was jointly issued by the Ministry of Home Affairs, the Ministry of Finance and the Monetary Authority of Singapore.

Cross-border fast payment systems and online fundraising have emerged as new terrorism financing risks because of Singapore's high Internet penetration, the prevalence of online banking and the global surge in digital economy driven by the COVID-19 pandemic, the agencies said.

Moreover, some agents with higher exposure to terrorism risks offer cost-effective remittance services to Singapore's foreign migrant workers, making the group vulnerable to terrorism financing.

Digital payment token service providers are at medium-high risk facing terrorism financing, elevated from medium-low risk in the previous report published four years ago.

Confronted with such challenges, Singapore vowed comprehensive risk identification, strong legal and sanctions frameworks, robust regulatory regimes, decisive enforcement, and international partnerships to combat terrorism financing. Enditem

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